Canaan (NASDAQ:CAN) Now Covered by Benchmark

Benchmark initiated coverage on shares of Canaan (NASDAQ:CAN) in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage issued a buy rating and a $3.00 target price on the stock.

Several other equities research analysts have also recently issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $8.00 target price on shares of Canaan in a research report on Friday, April 11th. HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Thursday, March 27th. Finally, Compass Point began coverage on Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Canaan currently has an average rating of “Moderate Buy” and a consensus target price of $3.70.

Canaan Stock Performance

Shares of NASDAQ CAN opened at $0.60 on Tuesday. The company has a 50-day simple moving average of $0.89 and a 200-day simple moving average of $1.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The company has a market cap of $169.51 million, a PE ratio of -0.45 and a beta of 3.26. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27.

Canaan (NASDAQ:CAN) last released its earnings results on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($0.88) by ($1.29). Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. The firm had revenue of $88.77 million during the quarter, compared to analysts’ expectations of $88.50 million. During the same period in the previous year, the firm posted ($2.16) earnings per share. On average, equities analysts anticipate that Canaan will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On Canaan

Hedge funds and other institutional investors have recently made changes to their positions in the business. Baader Bank Aktiengesellschaft grew its stake in shares of Canaan by 287.0% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock valued at $2,677,000 after buying an additional 968,347 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in Canaan during the 4th quarter valued at $2,807,000. Private Advisor Group LLC purchased a new stake in Canaan during the 4th quarter worth $102,000. Victory Capital Management Inc. acquired a new position in Canaan in the 4th quarter worth $598,000. Finally, Van ECK Associates Corp boosted its position in Canaan by 12.9% in the 4th quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock valued at $21,255,000 after buying an additional 1,187,796 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Company Profile

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.